Sharp Rise In Timor Oil Shares
Timor oil shares, in first New Zealand business since reports of the oil strike at Matai, sold at 8s 8d in Wellington yesterday. The shares sold at 5s 2d on June 8, and at 4s on May 9 this year. They rose to 10s 9d in Australia last Friday, but were back to 9s 3d in Sydney yesterday.
Overseas shares were uneven yesterday. Australian Consolidated Industries also made a good gain, but Bank of N.S.W., Amalgamated Wireless, Colonial Sugar and Moulded Products all fell sharply. A.N.Z. Bank B in first New Zealand business since the end of May, dropped 2s B|d more than the dividend, in sympathy with the trend in the old shares. New Zealand shares resumed their downward trend, which was checked on Friday and Monday. Yesterday’s 16 falls to six rises demonstrated the weakness of the market. Most of the falls were modest, but A. S. Paterson (in first business for six week) and Donaghy’s Rope (last sold on July 5) each lost 2s. Business was quiet on New Zealand exchanges.
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Press, Volume C, Issue 29563, 12 July 1961, Page 19
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180Sharp Rise In Timor Oil Shares Press, Volume C, Issue 29563, 12 July 1961, Page 19
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